SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 17, 1998
SBARRO, INC.
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(Exact name of registrant as specified in its charter)
New York
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(State or other jurisdiction of incorporation)
1-8881 11-2501939
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(Commission File Number) (IRS Employer Identification No.)
763 Larkfield Road, Commack, New York 11725
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (516) 864-0200
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events..
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On June 17, 1998, the Company issued a press release (the "Press
Release") reporting that (i) negotiations regarding a proposal by the Sbarro
Family for the acquisition of all shares of the Company not owned by them have
been terminated, (ii) it and its investment banker will explore various
strategic alternatives for the benefit of all shareholders, (iii) it was
continuing the suspension of dividends and that its Board of Directors will
evaluate the declaration of future dividends in light of circumstances as they
exist at the time and (iv) it intends to reschedule its Annual Meeting of
Shareholders to on or about August 19, 1998.
A copy of the Press Release is attached to this report as Exhibit
99.01.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(a) Financial statements of business acquired:
Not applicable.
(b) Pro forma financial information:
Not applicable.
(c) Exhibits:
99.01: Sbarro, Inc. Press Release dated June 17, 1998.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SBARRO, INC.
Date: June 17, 1998 By: /s/ Mario Sbarro
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Mario Sbarro,
Chairman of the Board
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EXHIBIT INDEX
Exhibit
Number Description
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99.01 Sbarro, Inc. Press Release dated June 17, 1998.
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[LOGO]
PRESS RELEASE
CONTACT: Robert S. Koebele
Vice President, Finance
SBARRO, INC.
(516) 864-0203
SUMMARY: SBARRO, INC. announces termination of
negotiations with the Sbarro Family
regarding the proposed acquisition of all
public shares; will explore strategic
alternatives; suspension of dividends
continued.
FOR IMMEDIATE RELEASE
Commack, L.I., New York ........................................ June 17, 1998
Sbarro, Inc. (listed New York Stock Exchange "SBA") announced that
negotiations regarding a proposal by the Sbarro Family for the acquisition of
all shares of the Company not owned by them have been terminated. The Company
reported that agreement concerning the terms of the proposed transaction could
not be reached by the Sbarro Family with the Special Committee of the Board of
Directors appointed to negotiate the proposed transaction.
The Company stated that it and its investment banker will explore
various strategic alternatives for the benefit of all shareholders.
The Company also announced that it was continuing the suspension of
dividends, stating that its Board of Directors will evaluate the declaration of
future dividends in light of circumstances as they exist at the time.
The Company further announced that it intends to reschedule its
Annual Meeting of Shareholders to on or about August 19, 1998.
The Company develops and operates a national chain of family-style,
cafeteria-type Italian restaurants under the Sbarro name. At April 19, 1998,
there were 871 Sbarro restaurants in operation, 628 of which were Company-owned
and 243 of which were franchised.
